EMAIL DETAILS

I see it. It looks better that way. Giving the actual figures makes more
sense rather than approximate percentages.

I have no comments on my end. Well done.

Best,
Mike

On Tue, Dec 22, 2015 at 11:59 AM, Seb Momtazi <seb@dodsondiversified.com>
wrote:

> The first page of attachement a) has the net fees
>
> On Tue, Dec 22, 2015 at 11:58 AM, Michael Leonard <mleonard@thorntonai.com
> > wrote:
>
>> Sebastian,
>>
>> I didn't see the updated net fees to BAM sheet in the first or second
>> attachment. Will that be included in the first attachment?
>>
>> Best,
>> Mike
>>
>> On Tue, Dec 22, 2015 at 11:30 AM, Seb Momtazi <seb@dodsondiversified.com>
>> wrote:
>>
>>> OK guys. Thank you for all your inputs. Below are the two documents I
>>> propose to send to the chain with ming and henry on as per usual with the
>>> following text. Please take a last look at the docs and approve along with
>>> the text.
>>>
>>> -------------------------------------------------------------------------------------
>>>
>>> Ming,
>>>
>>> Thank you for your time earlier today. As promised, we are following up
>>> with two document packages to answer your diligence questions and to
>>> provide background on our bridge financing. Attached you will find:
>>>
>>> a)
>>>
>>> - Updated AUM and fees, with net fees to BAM included. December has
>>> been another strong month which has seen inflows of $75.4 million.
>>> - A list of comparable transactions in 2015
>>> - Memoranda on JJR capital and the financing
>>> - One page fact sheets on two of the members of BAM Holdings LLC
>>>
>>>
>>> b)
>>>
>>>
>>> - The convertible bridge loan note
>>> - The operating agreement that would come into effect upon JJR's
>>> conversion
>>>
>>>
>>> Let's aim to have a call on Monday to discuss. We will provide the term
>>> sheet shortly.
>>>
>>> Very best,
>>>
>>> Sebastian
>>>
>>> On Tue, Dec 22, 2015 at 8:56 AM, Seb Momtazi <seb@dodsondiversified.com>
>>> wrote:
>>>
>>>> This would be the entire package to go after the call
>>>>
>>>> On Tue, Dec 22, 2015 at 8:23 AM, Seb Momtazi <seb@dodsondiversified.com
>>>> > wrote:
>>>>
>>>>> Let's all do an internal follow up immediately following on the (646)
>>>>> 878-9257 number
>>>>>
>>>>>
>>>>> On Monday, December 21, 2015, Seb Momtazi <seb@dodsondiversified.com>
>>>>> wrote:
>>>>>
>>>>>> (646) 878-9257
>>>>>>
>>>>>> Dev will dial in Ming
>>>>>>
>>>>>> On Monday, December 21, 2015, James Bulger <jbulger@thorntonai.com>
>>>>>> wrote:
>>>>>>
>>>>>>> I agree this is a better classification thanks for getting more
>>>>>>> detailed Sebastian. Talk to you all in the morning
>>>>>>> Jimmy
>>>>>>>
>>>>>>> On Monday, December 21, 2015, Michael Leonard <
>>>>>>> mleonard@thorntonai.com> wrote:
>>>>>>>
>>>>>>>> Seb,
>>>>>>>>
>>>>>>>> This looks a lot better and contextualizing the whole transaction
>>>>>>>> as a bridge loan makes a lot more sense. It is good that we can follow up
>>>>>>>> the telephone conversation tomorrow with this diligence package so that
>>>>>>>> Ming has something to look at and then hand to Henry at some point.
>>>>>>>>
>>>>>>>> I have no comments or edits.
>>>>>>>>
>>>>>>>> Best,
>>>>>>>> Mike
>>>>>>>>
>>>>>>>> On Mon, Dec 21, 2015 at 4:53 PM, Seb Momtazi <
>>>>>>>> seb@dodsondiversified.com> wrote:
>>>>>>>>
>>>>>>>>> All,
>>>>>>>>>
>>>>>>>>> Please see attached for a recasted one pager that reflects JJR's
>>>>>>>>> investment as convertible bridge financing.
>>>>>>>>>
>>>>>>>>> On Mon, Dec 21, 2015 at 3:46 PM, James Bulger <
>>>>>>>>> jbulger@thorntonai.com> wrote:
>>>>>>>>>
>>>>>>>>>> Fast work thanks for putting it together
>>>>>>>>>>
>>>>>>>>>>
>>>>>>>>>> On Monday, December 21, 2015, Seb Momtazi <
>>>>>>>>>> seb@dodsondiversified.com> wrote:
>>>>>>>>>>
>>>>>>>>>>> Did not have this write up ready. Only the outline waiting for
>>>>>>>>>>> comments. Wrote it out on receipt of your email.
>>>>>>>>>>>
>>>>>>>>>>> On Monday, December 21, 2015, James Bulger <
>>>>>>>>>>> jbulger@thorntonai.com> wrote:
>>>>>>>>>>>
>>>>>>>>>>>> Not great but better for sure
>>>>>>>>>>>> Let's just be ready for the JJR discussion
>>>>>>>>>>>> Ming will question this JJR deal carefully as it has just been
>>>>>>>>>>>> sprung on him. For instance splitting off the Burnham Securities business
>>>>>>>>>>>> has been in the works for 15 months but we just jumped in and executed it
>>>>>>>>>>>> at a a high cost to BAM since our last meeting Ming.
>>>>>>>>>>>> This call tomorrow will be important you guys have
>>>>>>>>>>>> some sound reasons for doing the JJR deal and they can be discussed.
>>>>>>>>>>>> By the way Sebastian did you just send me the outline earlier
>>>>>>>>>>>> for the fuck of it? You must have had this write up ready to go
>>>>>>>>>>>> Larry Liu might also cause some questions Henry will be very
>>>>>>>>>>>> careful about checking out that Chinamans reputation and background. How
>>>>>>>>>>>> did you meet him? And does he actively participate or is he silent for the
>>>>>>>>>>>> most part?
>>>>>>>>>>>> Jimmy
>>>>>>>>>>>>
>>>>>>>>>>>> On Monday, December 21, 2015, Seb Momtazi <
>>>>>>>>>>>> seb@dodsondiversified.com> wrote:
>>>>>>>>>>>>
>>>>>>>>>>>>> Jim,
>>>>>>>>>>>>>
>>>>>>>>>>>>> Please try this.
>>>>>>>>>>>>>
>>>>>>>>>>>>> Best,
>>>>>>>>>>>>>
>>>>>>>>>>>>> Seb
>>>>>>>>>>>>>
>>>>>>>>>>>>> On Mon, Dec 21, 2015 at 2:37 PM, James Bulger <
>>>>>>>>>>>>> jbulger@thorntonai.com> wrote:
>>>>>>>>>>>>>
>>>>>>>>>>>>>> All
>>>>>>>>>>>>>> Why can't you explain the JJR deal in detail using while
>>>>>>>>>>>>>> sentences? Why an outline that is vague?
>>>>>>>>>>>>>> Why avoid the issue of valuation? I find that slide to be
>>>>>>>>>>>>>> half ass
>>>>>>>>>>>>>> I am trying to help you sell this to Harvest so keep this in
>>>>>>>>>>>>>> mind English is Mings second language therefore be clear and consice, also
>>>>>>>>>>>>>> this JJR investment is not to be treated so lightly that it only gets
>>>>>>>>>>>>>> covered in an outline. You have a different valuation, this was was never
>>>>>>>>>>>>>> discussed with Harvest in the past so let's be clear here with a few
>>>>>>>>>>>>>> paragraph write up in narrative form thus allowing Ming to understand
>>>>>>>>>>>>>> and to show Henry
>>>>>>>>>>>>>> Those are my comments
>>>>>>>>>>>>>> Thanks
>>>>>>>>>>>>>> Jimmy
>>>>>>>>>>>>>>
>>>>>>>>>>>>>> On Monday, December 21, 2015, Seb Momtazi <
>>>>>>>>>>>>>> seb@dodsondiversified.com> wrote:
>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> Team,
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> Attached are the proposed follow up materials to be sent
>>>>>>>>>>>>>>> after the call.
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> It's perhaps best to speak about the valuation
>>>>>>>>>>>>>>> considerations of the JJR capital investment over the phone. Similarly, we
>>>>>>>>>>>>>>> can point out that actual inflows into BAM were 75.4MM through december
>>>>>>>>>>>>>>> (although AUM is higher than what we last sent, it's not as high as 75.4mm
>>>>>>>>>>>>>>> because of the market performance)
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> Please let me know comments. Mike, I attach in word so you
>>>>>>>>>>>>>>> can make direct edits
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> thanks,
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> seb
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>
>>>>>>>>>>>>>>
>>>>>>>>>>>>>> --
>>>>>>>>>>>>>> James J. Bulger
>>>>>>>>>>>>>> Chairman
>>>>>>>>>>>>>> Thornton Group LLC
>>>>>>>>>>>>>> 14 Beacon Street, Suite 804A
>>>>>>>>>>>>>> Boston, MA 02108
>>>>>>>>>>>>>> Office tel: 617.248.9440
>>>>>>>>>>>>>>
>>>>>>>>>>>>>
>>>>>>>>>>>>>
>>>>>>>>>>>>
>>>>>>>>>>>> --
>>>>>>>>>>>> James J. Bulger
>>>>>>>>>>>> Chairman
>>>>>>>>>>>> Thornton Group LLC
>>>>>>>>>>>> 14 Beacon Street, Suite 804A
>>>>>>>>>>>> Boston, MA 02108
>>>>>>>>>>>> Office tel: 617.248.9440
>>>>>>>>>>>>
>>>>>>>>>>>
>>>>>>>>>>
>>>>>>>>>> --
>>>>>>>>>> James J. Bulger
>>>>>>>>>> Chairman
>>>>>>>>>> Thornton Group LLC
>>>>>>>>>> 14 Beacon Street, Suite 804A
>>>>>>>>>> Boston, MA 02108
>>>>>>>>>> Office tel: 617.248.9440
>>>>>>>>>>
>>>>>>>>>
>>>>>>>>>
>>>>>>>>
>>>>>>>>
>>>>>>>> --
>>>>>>>> Michael R. Leonard
>>>>>>>> Vice President, Operations Department
>>>>>>>> Thornton Group LLC
>>>>>>>> 14 Beacon Street, Suite 804A
>>>>>>>> Boston, MA 02108
>>>>>>>> Office: 617-248-9440
>>>>>>>> Mobile: 781-454-9227
>>>>>>>>
>>>>>>>
>>>>>>>
>>>>>>> --
>>>>>>> James J. Bulger
>>>>>>> Chairman
>>>>>>> Thornton Group LLC
>>>>>>> 14 Beacon Street, Suite 804A
>>>>>>> Boston, MA 02108
>>>>>>> Office tel: 617.248.9440
>>>>>>>
>>>>>>
>>>>
>>>
>>
>>
>> --
>> Michael R. Leonard
>> Vice President, Operations Department
>> Thornton Group LLC
>> 14 Beacon Street, Suite 804A
>> Boston, MA 02108
>> Office: 617-248-9440
>> Mobile: 781-454-9227
>>
>
>


--
Michael R. Leonard
Vice President, Operations Department
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office: 617-248-9440
Mobile: 781-454-922